THE Ibrox club could be worth £50m thanks to the flotation - if fans get behind the investment programme.

CHARLES Green has persuaded big city investors to pump £17million into Rangers – in a flotation that could leave his stake in the club worth £3.5million.

And if Rangers fans invest the further £10million which chairman Green hopes for, the club’s value will have soared from the £5.5million Green paid for its assets to £50million in just six months.

Rangers will be floated on the Alternative Investment Market (AIM) as Rangers International Football Club plc in two weeks.

If it goes according to plan, Green’s share of the business will have a paper value of £3.5million.

The figures, contained in a document lodged with the London Stock Exchange yesterday, show a massive projected rise in the club’s value.

A club source said last night: “Charles’s share of the business will be worth £3.5million.

“He’s earned every penny for the job that he has done in securing a future for this football club.

“The original investors who helped finance his takeover have seen a 40 per cent return in just six months.

“Charles has played a blinder in terms of securing massive amounts of new money from the big-money investors in London.”

Last week Green had amassed £25million worth of pledges from institutions and individuals – who include Newcastle owner Mike Ashley.

However, the club opted to scale back on those offers by £8million in order to ring-fence a full £10million portion for fans at an offer price of 70p per share.

The documents lodged yesterday reveal Ashley has an 8.9 per cent stake in the club at present.

It is expected his stake will fall to 5.2 per cent after the flotation.

Green and Rangers commercial director Imran Ahmad are believed to be thrilled with the numbers that have been raised and expect to be given the go-ahead to launch the supporters share issue in the next few days.

As it stands today, they value the club at £23million.

That means Green’s original band of investors – who financed his takeover in the summer – have made a notional 40 per cent return on their cash.

Analysts say it is unclear how much Green himself invested in the takeover.

The share offer will now allow fans to join the big business investors in buying into a new holding company, called Rangers International Football Club plc.

Rangers International will then, in turn, “own and operate” the current business that runs the club, The Rangers Football Club Ltd.